Hypothetically win a £100k on a gameshow

Depending on what life stage.

Deposit for a house with a sensible mortgage.
Ie, don't max out if your wage is low!

If it was me I'd probably put 50k to a house deposit
20k in an isa this year, 10k next year
20k for something nice. For me that would be a van.

(if I didn't have a house now)
 
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tom_e said:
£100k isn't mega money these days, no way would I expect them to split it with anyone. It's enough to knock a mortgage down to a reasonable level when they need it, it's not life changing mega bucks anymore.
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Its life lightening. But not life changing. Your not going to be quiting your job!
 
I’d hypothetically suggest 1/3 for her, 1/3 for her sibling, 1/3 for her parents, which is what I’d do if I won a bunch of money, but really it’s up to her. At the very least I’d want her to put it somewhere useful and not just spend it or let it rot in a savings account.
 
Begbie said:
You'd put into the market, let I grow at an avg of 10% and she's a millionaire in 10-15 years. Can then pay of the mortgage and will have made far more money than using it as a house deposit.


Anything else is short sighted and a disservice to your daughter’s future really.
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£100k that grows at 10% a year would be:

£110k after one year
£121k after two years
£133k after three years

£259k after ten years.
 
ivrytwr3 said:
Money can easily create animosity and strain families, seen this too many times. Mmmmm, where do i sit? We have always treated both kids equally, that way we cannot be accused of favouritism. I think, we would continue to pay Uni accom and weekly spends to both to keep it equal, but it would be nice if she would pay off £10k for us - that would clear everything for us, mortgage included, say £5k gift to her brother, take mum, dad, brother and nan and grandad out for a meal (£200) and i would help her invest/pay off student loan/enjoy the rest.

But ofc, i am on the fence it would be her money to with as she pleases. She listened to advice about her CTF and we were able to put some in a LISA, some in a fixed saving account and she took some for spends at Uni.
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I too have seen first hand how money can split families. Even the closest tight-knit families can have a wedge driven between them when it comes to money.

You may actually find there will be animosity between your 2 children because of it, especially as you try and keep things equal - which the other will undoubtedly see as unfair now that one suddenly has a lot more money.

As you say, it would be nice if she did gift some amount to her brother so he doesn't feel completely left out. Even better if she's able to invest most of it to save for a house deposit later in life. There would be nothing worse than flaunting it by buying a 75k car and going on a luxury 20k holiday. Having it invested for years means her brother will more than likely forget about it.

All the best to her, but yeah a funny predicament to ever be in. Nice in some ways, horrible in others.
 
100K is not that much money these days, not enough to split between family as if you were a millionaire with far more than you need.

I would advise her to keep it all for property, 100K vanishes as soon as you say the words home ownership or private health care.
 
ivrytwr3 said:
So daughter has only gone and got herself on a TV gameshow! As much as we'd love her to win the £100k top prize, the reality is, most likely not :) But it got us thinking, if your kid were to win that amount of money, what would your thoughts be?

Having this discussion at work, some are of the opinion, that family comes first and they would want them to divide it between immediate family, others are saying it's their winnings and they should keep it all, a great start to their life.

We have 2 kids roughly same age and both at Uni, parents pay for accom fees and a weekly spending amount. We also have a small amount on the mortgage and a small amount of debt. It would be nice if she could help out with that, but yeah, this definitely caused a divide at work and actually got quite heated with people's opinions!
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In today's climate I'd tell my daughter I don't want a single penny and insist she invest it into a deposit.

Uk average house price as £282,000 so she'd be looking at £182,000 mortgage afterwards. which roughly would be 700-800/month

BUDFORCE said:
Sadly £100k isn't even that much anymore, sure it's a great start in life, particularly if you are young and use it wisely, but they use terms like "life changing" I mean it's not really us it?

If I could buy a mansion and a yacht, buy a large business and retire on coke and hookers at 24, that's life changing.
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£100k really isn't, £1 mil isn't a massive amount anymore.

I worked with someone who won £967,000 on the lottery. He bought 3 houses (his own, his mum's & a rental), 2 new cars (him & hers) and went to 3 holiday destinations he'd always wanted to go (Vegas, LA & Bali)

None of it was left with in 14mths, although he had the assets to show for it & now those houses combined are worth almost double the initial cost.

This was in 2006.
 
Semple said:
I too have seen first hand how money can split families. Even the closest tight-knit families can have a wedge driven between them when it comes to money.

You may actually find there will be animosity between your 2 children because of it, especially as you try and keep things equal - which the other will undoubtedly see as unfair now that one suddenly has a lot more money.

As you say, it would be nice if she did gift some amount to her brother so he doesn't feel completely left out. Even better if she's able to invest most of it to save for a house deposit later in life. There would be nothing worse than flaunting it by buying a 75k car and going on a luxury 20k holiday. Having it invested for years means her brother will more than likely forget about it.

All the best to her, but yeah a funny predicament to ever be in. Nice in some ways, horrible in others.
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Tell me about it.
My grandparents died about 3 years ago and the house still isn't sold due to infighting.

Back when I was growing up Christmas was amazing. We all went round uncles/aunties houses. I'd have laughed if anyone would have said this could happen to my family.

Fast forward to now and family is torn to shreds. Death threats etc.

I hate Christmas, I hate going back to my parents as have the memories of the distant past.. But overwritten with the recent past.

I've pretty much cut off ties with the extended family as don't want the BS. So glad to live the other side of the country

Ugh. Money and greed!
 
Resident said:
In today's climate I'd tell my daughter I don't want a single penny and insist she invest it into a deposit.

Uk average house price as £282,000 so she'd be looking at £182,000 mortgage afterwards. which roughly would be 700-800/month



£100k really isn't, £1 mil isn't a massive amount anymore.

I worked with someone who won £967,000 on the lottery. He bought 3 houses (his own, his mum's & a rental), 2 new cars (him & hers) and went to 3 holiday destinations he'd always wanted to go (Vegas, LA & Bali)

None of it was left with in 14mths, although he had the assets to show for it & now those houses combined are worth almost double the initial cost.

This was in 2006.
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Exactly.

To put that into perspective.
My mortgage is 900. So winning 100k would only put her costs 100-200 a month less than mine.
Its great if you're 18. It's good if you're 28.
But you aren't going to be propelled to a different lifestyle.

100k seems like a lot.. It is.. But it isn't.

You also need a job to pay that mortgage. So if you don't have the salary to match, you can't even get that average house.
 
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Vandle said:
Keep it and put it towards her first house, kids these days are going to find it harder and harder to own property. Would be a great start to her life.

My mate won a ford focus on deal or no deal about 20 years back. Sold it as soon as he could. Not really the same, granted. Also worked with a lass who was on millionaire hot seat and got her first question wrong so was booted off. Can't remember it exactly but the answer was so obviously Keanu Reeves but I guess if you don't know, you don't know.
I have no more irrelevant quiz show related anecdotes.
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Please find the question :D
 
413x said:
Tell me about it.
My grandparents died about 3 years ago and the house still isn't sold due to infighting.

Back when I was growing up Christmas was amazing. We all went round uncles/aunties houses. I'd have laughed if anyone would have said this could happen to my family.

Fast forward to now and family is torn to shreds. Death threats etc.

I hate Christmas, I hate going back to my parents as have the memories of the distant past.. But overwritten with the recent past.

I've pretty much cut off ties with the extended family as don't want the BS. So glad to live the other side of the country

Ugh. Money and greed!
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Yep know the feeling and very similar story. In fact in my families case it was less about the overall money as that was evenly split between all siblings. The bickering and eventual split in the family was all down to small minor things like some jewellery and other collectibles which in the grand scheme of things are worth a pittance. Which makes the whole thing petty. I know my grandparents would be turning in their graves if they knew this was what was going to happen.
 
ivrytwr3 said:
So daughter has only gone and got herself on a TV gameshow! As much as we'd love her to win the £100k top prize, the reality is, most likely not :) But it got us thinking, if your kid were to win that amount of money, what would your thoughts be?

Having this discussion at work, some are of the opinion, that family comes first and they would want them to divide it between immediate family, others are saying it's their winnings and they should keep it all, a great start to their life.

We have 2 kids roughly same age and both at Uni, parents pay for accom fees and a weekly spending amount. We also have a small amount on the mortgage and a small amount of debt. It would be nice if she could help out with that, but yeah, this definitely caused a divide at work and actually got quite heated with people's opinions!
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I don't know why this would become a heated debate? Or any kind of debate for that matter. It's her money and it's her choice to do whatever she wants with it, that's the bottom line.

If she got a 100K bonus at work would she be expected to split it with the family? No, of course not.
 
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